The average Brampton homeowner will face property tax bills exceeding $11,000 this year, following a tax hike of more than 6 percent by both the City of Brampton and the Region of Peel, according to a recent report.
Starting this week, the first 2024 property tax bills will be issued in Brampton. Homeowners will see a 1.9 percent annual increase from the city on top of a 4.5 percent tax hike approved by the region.
With the average home value in Brampton at $1,013,920, the typical homeowner will pay over $11,000 in property taxes in 2024, states a new report from the real estate website Zoocasa.
The report details that homes valued at over $1 million will incur around $11,069 in property taxes. Properties priced above $750,000 will see taxes of approximately $8,301, while homes valued over $500,000 will pay around $5,534.
This year’s property tax hike stands at about 6.5 percent. As a result, the average property owner in Brampton can expect to pay an additional $118 per household compared to 2023. Meanwhile, commercial and industrial property tax bills will increase by $247 and $435, respectively.